Despite “Jerry” and “Rod’s” memorable scene in Jerry McGuire, there is more to compensation than cash.
Before listing additional components of compensation, here are a few benefits of getting compensation correct:
- Attract next level people
- Retain people
- Create a more positive work environment
- Model gratefulness and generosity
Some employers choose to not compensate people correctly. Some employers simply don’t know how to. And some employers don’t have the means.
For the latter two, here are ideas and options to improve compensation packages:
- Research the market for base pay scales
- Review your budget and strategy
- Develop a comprehensive growth plan (i.e. expansions, donor pursuit, etc.)
- Provide solid health benefits (i.e. medical, dental, vision, etc.)
- Match retirement funds
- Give people more paid time off
- Provide insurances (i.e. life, disability, etc.)
- Consider a bonus program
- Compare tax rates
- Give a cell phone credit
- Provide a personal development fund
Often times, these additional compensation benefits do not have huge price tags and they can be updated as cash flow and merit demands. They can “sweeten the deal” for employees . . . and employers.
Your vision and calling are important. If you would like a partner to discuss this all through, contact us at 775-772-7505.